SuperTech Ltd., a property developer whose credit facilities have been downgraded to default by Brickwork, said it's confident of repaying delayed instalments in the next one week.
“We expect cashflows worth Rs 1,000 crore coming in by March. This will help us tide over the current crunch,” Managing Director Mohit Arora said.
The company has borrowed loans from non-bank lenders, including Indiabulls Housing Finance Ltd., he told BloombergQuint in an interaction. The average borrowing rate, Arora said, was about 15 percent and that would increase by 200 basis points.
Macquarie's sales team, in a note to clients, had said Indiabulls Housing Finance's loans to SuperTech could be more than Rs 500 crore. The housing finance company's exposure to default-rated SuperTech had sent its shares down nearly 13 percent on Thursday.
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